Saturday, August 06, 2022

Wisdom of the Crowd - New Issues

1. How can Singapore keep our roads congestion free?
2. Did China respond correctly to the visit by Nancy Pelosi to Taiwan?

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WOTC - COE system

 Wisdom of the Crowd: 55% of the respondents prefer the COE system to be changed. The other 45% (mostly public transport users, I suspect) prefer COE system to be retained.

Friday, August 05, 2022

Thursday, August 04, 2022

Review of Senseonics (SENS)

 I missed a potential gain of 35% by failing to buy additional Senseonics stock (SENS) when it jumped by 20%. If I had invested $20,000 USD, I would have made a gain of $7,000 in one day.

Wisdom of the Crowd - New Issues

1. Are you prepared to install a CCTV at home for remote work?
2. Employers find that many employees abuse the privilege of working at home

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WOTC - productivity of remote work

 Wisdom of the Crowd: 56% of the employees prefer to work from home and are prepared to address the employer's concern about productivity for remote work.

Wednesday, August 03, 2022

WOTC - Foreign talents

 Wisdom of the Crowd: 53 % of the respondents said that Singapore should be open, but ensure that our locals are not placed at a disadvantage due to national service obligations.

Tuesday, August 02, 2022

WOTC - Change COE system

 Wisdom of the Crowd: 76% of the respondents said that it is time to change the COE system to avoid the escalating COE prices and ensure a fairer distribution of the permits

Monday, August 01, 2022

WOTC - Rishi Sunak

 Wisdom of the Crowd: 64% of the respondents said that Rishi Sunak is not likely to be the prime minister of the UK due to his ethnic background and his past financial dealings.

Sunday, July 31, 2022

Encourage banks to charge fees for cash services

 I suggest that MAS should ask the banks to increase the interest rate that they pay for savings and deposits, and to charge a fee for cash services (i.e. ATM withdrawals and cash deposits). This fee should allow the banks to recover their actual expenses in providing these cash services.

When the banks charge for the the actual cost of providing the cash services, it will encourage customers and merchants to move towards cashless payments - which are more efficient.

The merchants have to spend time to collect cash, give change, reconcile the cash collection against sales, and bank in the daily cash collections. These activities incur cost of manpower.

Many retailers have problem in employing retail assistants. By moving towards cashless payments, these retailers can overcome their labor shortages and reduce the labor costs. If the retailers have to incur high labor cost, they will have to pass the cost to customers through higher prices.

It will also overcome the problem that the retail assistants may steal some of the cash collection.

At present, the charges for cashless payments are high, i.e. 2% of transaction amounts or higher. It should be possible to reduce this charge to a more acceptable level, (say) 0.5%of transaction amount, subject to a minimum of $0.10.

If the charges for cash and cashless payments are rationalized and adjusted to a realistic level, retailers and customers will adopt a more efficient method of payment.

In Australia, some retailers refuse to accept cash and insist on card payment.

There is a fear that some customers do not have a bank account or are not able tp pay with a card payment.

They can pay with a transit card. All travelers now use a transit card to pay the fares on public transport. They are familiar with this form of payment. They can find it easy to use the transit card to pay for retail, food and beverage outlets.

We should move towards cashless card or mobile payments, instead of paying by cash.

We should take an active step towards cashless payment. It should start with asking the banks to impose a fee for cash services, so that the true cost of cash services is reflected in this form of payment.

Wisdom of the Crowd: Next prime minister of the UK

 Wisdom of the Crowd: 63% of the respondents said that Liz Truss is most likely to be voted as the next prime minister of the United Kingdom.

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